Beverly Hills, Calif.-based StarPoint Properties LLC this week announced the disposition of the 80-unit Sterling Apartments in nearby Hollywood for a price of $21.7 million.
The community, located at 1800 N. Normandie Ave., features a unit mix of 16 singles, 40 one-bedroom/one-bath and 24 two-bedroom/one-bath units.
StarPoint purchased the property in 2006 and performed a “major class A rehabilitation and repositioning of the property to cater to the Hollywood elite who were looking for distinct apartments with a lot of character. We spent $20,000 per unit, increased rents by 58 percent and achieved a 42 percent IRR.”
Among the interior and exterior capital improvements were new bathrooms, new cabinets, crown molding, stainless-steel appliances, granite countertops, wood floors and new carpet. In addition, the company added a new gym and remodeled the leasing center and pool area, and the exterior was repainted.
The fully leased complex was built in 1990.